Florence, a remote connectivity and electronic document workflow management platform for clinical trials, closed an $80 million Series C funding round led by Insight Partners.
Existing investors Fulcrum Equity Partners, Bee Partners, and Flashpoint also joined this round. As part of the funding, Rosenbaum and Peter Sobiloff, Managing Director at Insight Partners, and former chairman of Medidata, will join Florence’s board of directors.
According to Florence, the latest investment will further its mission of connecting pharmaceutical companies and study sites, paving the way for more decentralized trials and more efficient drug development lifecycles.
“Remote connectivity and virtual collaboration became a requirement after COVID-19. With one in three study sites around the world using our software, we were able to help,” said Ryan Jones, co-founder, and CEO of Florence.
Florence said its clinical trial platform streamlines operations for over 8,500 study sites in 34 countries by strengthening regulatory compliance, improving user adoption, and providing seamless remote connectivity. The platform facilitates close to 3 million research actions during March 2021 alone.
Ryan Jones added: “Not only do pharmaceutical companies, clinical research organizations, and sites use Florence to manage their COVID studies, they also leveraged our software to ensure that hundreds of other clinical trials across every disease area were able to progress as the industry pivoted to remote work. This investment will allow us to continue connecting research stakeholders, advancing cures, and giving investigators more time for who matters most: patients.”
Blake Adams, VP of Marketing at Florence, said: Florence has the opportunity to impact cures globally because of the large number of clinical trial sites managing operations on its network. “We have a shot at helping more clinical research teams increase their effectiveness than any other technology.” “This investment will help us reach that goal. As a result, I’m confident we will see new medicines, devices, and therapies hitting the market at a faster pace while also reducing development costs.”
Digital Health companies raised a record $7.2 billion VC funding in Q1 2021, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report.